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GBPNZD At Key Channel Resistance

GBPNZD At Key Channel Resistance

Paul Robinson, Strategist

Talking Points:

- GBPNZD trading at key channel resistance between 20100 & 20200

- Pullback towards 19700 in the cards

- Waiting until next week to make a play on this set-up

In recent months, the trading in GBPNZD hasn’t been as fluid as it has been in its sibling cross pair – GBPAUD. (See notes Here and Here.) This has resulted in a wide ranged multi-month channel. The past couple of days we have seen GBPNZD press up against the upper bounds of this channel, creating an opportunity for sellers. I'm not looking for a pullback to a new swing low below 19250, but rather a sizable retracement towards 19700 before re-assessing. I’m going to wait until next week for a turn in momentum before considering a play on this set-up.

GBPNZD Daily: Sep ’14 – Present

GBPNZD At Key Channel Resistance

Written by Paul Robinson, DailyFX Research

To contact Paul, email him at instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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